Mining, banks save Q2 GDP (updated)

The ABS has released June quarter National Accounts and it’s come in slightly above consensus at 0.6% and 2.6% on the year. Widespread weakness in household and government expenditure has been offset by a spike in Gross Fixed Capital Formation Private, that would be mining investment:

JUNE KEY FIGURES

		% change Mar qtr 13 to Jun qtr 13	% change Jun qtr 12 to Jun qtr 13
GDP (Chain volume measure)
	Trend	0.5	2.5
	Seasonally adjusted	0.6	2.6
Final consumption expenditure (Chain volume measure)
	Trend	0.5	1.7
	Seasonally adjusted	0.5	1.5
Gross fixed capital formation (Chain volume measure)
	Trend	-0.9	-1.4
	Seasonally adjusted	-0.1	-1.6
GDP chain price index
	Original	0.4	0.5
Terms of trade
	Seasonally adjusted	0.1	-4.9
Real net national disposable income
	Trend	0.7	1.4
	Seasonally adjusted	0.4	0.7

Here’s the chart of sectoral contributions with banks also growing strongly:

The lottery continues. Dollar to the moon. More to come…

Update

Reader Gary Shilson-Gosling usefully points out that:

The spike in private sector capex was the transfer of NSW port assets from the public sector to the private sector. A bit over $5 billion.

So, growth in the quarter was a little bit of everything, although mining and banks did have strong value add.